New Fortress Energy Inc. (NASDAQ:NFE) Receives Average Rating of “Hold” from Brokerages

New Fortress Energy Inc. (NASDAQ:NFE) has been assigned a consensus recommendation of “Hold” from the six brokerages that are covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among analysts that have issued a report on the stock in the last year is $19.77.

NFE has been the subject of several research analyst reports. BTIG Research dropped their price objective on New Fortress Energy from $35.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, September 13th. Morgan Stanley cut shares of New Fortress Energy from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $35.00 to $15.00 in a research note on Thursday, October 3rd. Stifel Nicolaus cut their target price on shares of New Fortress Energy from $40.00 to $17.00 and set a “buy” rating for the company in a research report on Monday, August 12th. Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and issued a $7.60 price target (down from $21.00) on shares of New Fortress Energy in a research report on Tuesday, October 1st. Finally, Barclays cut their price objective on New Fortress Energy from $27.00 to $19.00 and set an “equal weight” rating for the company in a research report on Monday, August 5th.

Insider Activity at New Fortress Energy

In related news, CEO Wesley R. Edens purchased 5,793,742 shares of the firm’s stock in a transaction on Tuesday, October 1st. The shares were bought at an average price of $8.63 per share, for a total transaction of $49,999,993.46. Following the acquisition, the chief executive officer now directly owns 35,721,915 shares in the company, valued at $308,280,126.45. This trade represents a 19.36 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at this link. 37.10% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. American National Bank purchased a new stake in New Fortress Energy during the second quarter valued at about $26,000. Quarry LP grew its holdings in shares of New Fortress Energy by 125.7% during the 2nd quarter. Quarry LP now owns 2,250 shares of the company’s stock worth $49,000 after purchasing an additional 1,253 shares during the period. nVerses Capital LLC acquired a new stake in New Fortress Energy during the 3rd quarter worth approximately $25,000. Benjamin F. Edwards & Company Inc. raised its holdings in New Fortress Energy by 118.5% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 3,031 shares of the company’s stock valued at $67,000 after buying an additional 1,644 shares during the period. Finally, KBC Group NV lifted its position in New Fortress Energy by 116.9% during the third quarter. KBC Group NV now owns 3,436 shares of the company’s stock valued at $31,000 after buying an additional 1,852 shares in the last quarter. 58.61% of the stock is owned by hedge funds and other institutional investors.

New Fortress Energy Stock Up 1.8 %

NFE stock opened at $10.67 on Wednesday. New Fortress Energy has a 52 week low of $7.82 and a 52 week high of $40.04. The company has a current ratio of 0.38, a quick ratio of 0.35 and a debt-to-equity ratio of 4.06. The company has a market cap of $2.68 billion, a P/E ratio of 11.73 and a beta of 1.53. The company’s 50-day moving average price is $9.24 and its 200 day moving average price is $15.34.

About New Fortress Energy

New Fortress Energy Inc operates as an integrated gas-to-power energy infrastructure company that provides energy and development services to end-users worldwide. The company operates in two segments, Terminals and Infrastructure, and Ships. The Terminals and Infrastructure segment engages in the natural gas procurement and liquefaction; and shipping, logistics, facilities and conversion, or development of natural gas-fired power generation.